Credit Agricole CIB Research previews the November RBA decision on Tuesday.

"Australian inflation data and further hawkish rhetoric last week point to the RBA raising rates this week for a fifth time this year taking the cash rate to 4.85%. Risk-off trading following disappointing US technology stock earnings leaves AUD/USD struggling to surmount upside resistance at 0.7050, however, which would clear the way for the exchange rate to make a run at 0.7100," CACIB notes.

"The RBA could lower its growth forecasts, however, due to the ongoing conflict in the Middle East as well as falling house prices, both of which will drag on household consumption. But the central bank will continue to emphasise prolonged weakness in growth is needed to get inflation back lower nullifying the impact on the market from potentially lower growth forecasts. So the overall tone of the SMP and press conference is likely to be hawkish," CACIB adds,