TOKYO (Reuters) - The dollar fell to its lowest in a year against the Australian and New Zealand dollars on Wednesday and hovered near its 2009 low against the euro, as investors sold the low-yielding greenback in a renewed shift to riskier assets. The dollar also lost ground back toward the year's low against a basket of currencies, with talk of model fund selling on the greenback, while the yen slid, touching its lowest in a month against the Australian dollar and easing on the euro. Traders and analysts said the dollar was now within sight of some important support levels on the charts, including its July low of 91.73 yen, and $1.4550 and beyond against the euro. "It's largely technically-related dollar selling across the board. Better bid U.S. equity markets overnight are also supporting the broad rally in other risk proxies such as the Aussie dollar and the kiwi dollar," said Sue Trinh, currency strategist at RBC Capital Markets in Sydney. "Gold's rally through $1,000 has brought a whole lot of systematic model-related U.S. dollar selling out of the woodwork." The dollar index .DXY shed more than 1 percent on Tuesday to hit a one-year low of 77.047, after breaking major chart support. Sentiment toward the dollar took a knock on talk that China is concerned about U.S. macro-economic policies and a United Nations report calling for a new world reserve using several currencies. That fueled speculation foreign central banks might be diversifying reserves away from the dollar to other currencies, or perhaps even gold. "The U.N. report was a catalyst for the U.S. dollar's slide and the euro is a big beneficiary because of that," said Joseph Capurso, currency strategist at Commonwealth Bank in Australia. "Also, we are getting a better picture that the world economy is recovering and Asia is leading that rebound. Commodities are bound to be helped by that, and I think the latest rally in commodity-linked currencies has legs." Spot gold rose as far as $1,007.45 on Tuesday while the CRB commodities index gained 2.02 percent .CRB. All had helped the high-flying Australian dollar push higher. It briefly hit a fresh 1-year peak of $0.8662 and touched its highest in almost a month at 80.00 yen. Its move up has been supported by mounting speculation that local rates will rise in coming months. But softer than expected retail sales then took the wind out of its sails with the data seen as lessening the chance of a hike in October, and it slipped 0.2 percent on the day to $0.8605. The New Zealand dollar, another currency favored as a risk trade against the low-yielding dollar and yen, hit a one-year high at $0.6993 before slipping to stand just 0.1 percent up on the day at $0.6970 and 64.34 yen.Its gains come ahead of a Reserve Bank of New Zealand meeting on Thursday to decide on monetary policy, with expectations it will repeat that it wants to keep rates low well into 2010. The euro was up around $1.4496, having risen 1 percent on Tuesday to end at $1.4490 in New York. It reached as far as $1.4535 at one stage, the highest this year. Chart targets were seen at $1.4550 and then $1.4622, a 61.8 percent Fibonacci retracement of its fall from above $1.60 in July 2008 to its October low at $1.2329. The dollar was holding its ground for the moment against the low-yielding yen, after shedding 0.8 percent against it on Tuesday. It was steady on the day at 92.38 yen. Traders said the yen's progress against the dollar was slowed by its losses on crosses. But the market is eyeing the dollar's July low of 91.73 yen as the break point for a test of automatic sell orders expected around 91.50 yen. A launch expected on Wednesday of 12 mutual funds or "toushin" by Nomura Asset Management, which will invest in U.S. high-yield bonds, was expected to support cross/yen pairs, a trader for a Japan trust bank said. Later on Wednesday, the Bank of England starts it two-day monetary policy meeting and is widely expected to keep rates unchanged. But there is an outside chance it might decide to expand its quantitative easing program. Also due later is the Federal Reserve's Beige book, a summary of economic conditions in 12 Fed districts. Data on Tuesday showed U.S. consumer credit fell by a record $21.6 billion, leaving analysts worried about the pace of an economic recovery. (Additional reporting by Anirban Nag in Sydney, Satomi Noguchi and Kaori Kaneko in Tokyo; Editing by Joseph Radford)

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