The Australian dollar's week of gains has beaten gloomy expectations, but its recovery could be short-lived and even possibly over before the week is out.
The dollar has been falling for months alongside plunging commodity prices and due to investor concerns that the US Federal Reserve will raise rates for the first time in more than a decade. 
The local currency plunged from US94&cent; in   January to just below US70&cent; and most banks are forecasting further falls to US68&cent; by the end of 2015 and US65&cent; within 18 months.
Yet over the past week it has managed to climb almost 4&cent; to sit at US73.3&cent; in late trade on Monday, after rallying commodities and disappointing data out of the United States pushed back market expectations for a rate hike to mid-2016.
"It is likely to stay up in the short term. Commodity markets saw an aggressive shift in sentiment last week after Chinese markets reopened resilient after a week-long holiday," Westpac chief currency strategist Robert Rennie said.
"Despite this, I would caution about getting too optimistic. Risk aversion has dropped after the   September 'tightening tantrum' but the factors leading to a lower dollar are still with us to varying degrees."
Commodity prices will continue to slide as the Chinese economy slows, Mr Rennie said. Despite the delay in the US Federal Reserve beginning a tightening cycle, the market is still anticipating it to start  before 2016 is over.
Mr Rennie said both domestic and Chinese data could end the dollar's rise this week. China is due to release trade data  that will likely underline the challenges facing the world's second-biggest economy. NAB's business confidence survey is also due on Tuesday, while Australian unemployment data will be released on Thursday.
Based on trading trends this year the dollar would likely struggle once rising above US73.8&cent;, Mr Rennie said.
"We've come a long way from the lows but we're also getting close to levels where the Aussie's ascent will slow and then likely roll over and head back down," Mr Rennie said, adding that the dollar would require  positive economic data out of China to stay high.
National Australia Bank has raised its end-of-year forecast to US70&cent; in   December in both 2015 and   December 2016.
"We revise our forecast track to reflect a later start and lower end-point for the US Fed," global co-head of foreign exchange strategy Ray Attrill said.
More immediately, short of drastically poor data this week, the Australian dollar looks likely to remain well above its recent lows as the greenback stays lower, currency strategist at the Commonwealth Bank of Australia Elias Haddad said.
"The US dollar should remain heavy this week as most US Federal Reserve officials continue to warn that the balance of risks to the US economy is tilted more to the downside because of global developments," he said in a research note.
"The Australian dollar should be supported  on decent Australian economic data."
Analysts are expecting both Australian business conditions and unemployment data to return in line or positive results.