FXStreet (Edinburgh) - According to strategists at TD Securities, the Kiwi dollar is seen resuming its downward projection in the near term. Key Quotes “The upcoming Q4 CPI reading (Tuesday/Wednesday) sets the stage for the RBNZ policy meeting in the following week”. “Here, we expect a print of –0.5% q/q, well below the market’s (-0.2%) and RBNZ’s forecasts”. “This should have the RBNZ intensify its easing bias, or at least make it more credible, as the January meeting comes packaged with a quarterly OCR review”. “At the same time, this week’s fortnightly dairy auction comes as milk powder futures prices have slid by nearly 12% since the previous auction (15 December)”. “This combination should keep pressure on the NZD to weaken further this week. For NZDUSD 0.6430 is the key pivot. A clear move lower from here targets support around 0.6235 ahead of the August spike low of 0.6130”. For more information, read our latest forex news.