Aussie dollar resilience: Here today, gone tomorrow?

The Australian dollar has remained surprisingly stable this week amid volatile headlines from China and declining commodity prices but analysts are divided over whether this stability will last.
Australian assets are particularly vulnerable to economic swings in China– its largest trading partner – but fears over the strain on Beijing's financial system following two reports of corporate debt defaults and a tumbling yuan have yet to take their toll on the Australian dollar.
Furthermore, copper prices were on track to close out the week not far from three-and-a-half year lows. Exports of the metal bring in about $6 billion a year for Australia, making it a key commodity export with China representing one of the metal's top consumers.
The Aussie has managed to trade above 90 U.S. cents for a seventh straight session, rising to a three-month peak of $0.9137 on Wednesday.
"I don't expect anything below 7 percent for Chinese [gross domestic product] growth and I think that in terms of commodity prices, Australia doesn't have much to worry about, so 90 [cents per dollar] is a fair price," Michael Woolfolk, managing director and senior currency strategist at BNY Mellon told CNBC Asia's "Squawk Box."
"We're still several steps back now from our worst case scenarios in regards to growth expectations for the U.S. and China, so things look like they will improve from a couple weeks ago, which will be positive for the Aussie dollar," he continued.
But not everyone is as positive.
"I still think the China story is going to overshadow the Australian dollar. That story is still unfolding, there are a lot more chapters to be written and they may not have a happy ending. That could dampen any enthusiasm for the Aussie going forward," Michael Every head of financial markets Rabobank in Hong Kong told CNBC on Thursday.
Hamish Pepper, forex strategist, Asia Pacific at Barclays, also remains bearish, citing a target of 88 U.S. cents in the next three months.