Bank of America Global Research sees a scope for AUD rally later this year on the back of external factors.

"AUD has been the worst performing in G10 in March, driven by a combination of risk-off, the dovish RBA and positioning. The trade-weighted AUD index is now close to the October lows, which is an attractive level, in our view. While China reopening trades have generally retraced lower, the pullback in AUD has been disproportionately larger," BofA notes. 

"We see signs of green shoots that bode well for China's import impulse for Australia later this year," BofA adds.