* Euro wins reprieve but on track for worst month since May
* Investors don't give vote of confidence to Ireland aid deal
* Aussie rebounds after current account data
* Yen ticks up on month-end corporate flows
By Hideyuki Sano
TOKYO, Nov 30 (Reuters) - The euro won some respite in Asian trade on Tuesday but few traders think the worst is over for the single currency after a rescue package for Ireland failed to help restore investor confidence in euro zone debt.
Many traders expect more selling in the euro after Italian and Spanish 10-year bond yields jumped by more than 20 basis points on Monday -- their biggest daily rise in more than a decade -- highlighting the lack of confidence in the 85-billion-euro deal to help contain Ireland's debt crisis.
The euro has managed to scrape small gains for now, however, helped by short-term oversold technical signs, the yen's rebound on month-end corporate bids and a rise in the Australian dollar following local data.
The euro ticked up to $1.3140, up just 0.1 percent from late U.S. levels, but about 0.6 percent above a 10-week low of $1.3064 hit on Monday on EBS. It was dangling around the crucial 200-day moving average at $1.3128.
"You probably have more selling to come through. Movements in European bond yields were savage last night ... and that's a reflection of the concern that is evident in the market. I don't think this is over just yet," said Richard Grace, currency strategist at Commonwealth Bank.
The single currency has fallen about 6 percent against the dollar this month and is on track for its worst monthly performance since May, when it posted a 7.5 percent decline.
Momentum indicators such as stochastics showed that downswing for the euro has become quite stretched, suggesting a snapback may be on the cards in the very short term.
Still the euro faces the immediate test of a 0.5 billion euro offer of Portuguese bills on Wednesday and Spain's 1.75-2.75 billion euro sale of 3-year bonds on Thursday after a lacklustre Italian debt sale on Monday highlighted concern over euro zone debt.
As falling euro zone debt prices are seen hurting European banks that hold sizable amounts of such debt, some traders are starting to expect an eventual test of the August low of $1.2588.
"There are just so many worries over the euro zone. The euro will test the $1.20-1.25 area this month. I think it could fall to $1.20 in the first quarter of next year," said Hideki Amikura, forex manager at Nomura Trust and Banking.
FUND SHIFT
Noting that U.S. shares fell much less than European stocks on Monday, Amikura also said investors could be shifting funds to the United States from Europe.
Against the yen, the euro fetched 110.52 yen, after plumbing 110.26 yen on EBS on Monday, levels last seen on Sept. 15.
The euro also flirted with 10-week trough against the British pound after it fell as low as 0.8408 pounds on Monday. It was last quoted at at 0.8436.
Elsewhere, the U.S. dollar dipped against the yen on month-end selling by Japanese exporters. It fell 0.1 percent to 84.12 yen, but remained in sight of a two-month high of 84.41 hit on Monday, having risen nearly 5 0 percent from a 15-year low of 80.21 yen set on Nov. 1.
The Australian dollar climbed 0.3 percent to $0.9651 after data showing exports from Australia were less of a drag on growth last quarter than many feared.
Still, the currency was down some 5 percent from a 28-year peak of around $1.0182 set early in the month.
The U.S. dollar remained solid, with its index against a basket of major currencies staying near Monday's two-month high of 81.142.
Now at 80.70, the index could target its 200-day moving average of 81.78. (Additional reporting by Ian Chua in Sydney and Charlotte Cooper in Tokyo, Reuters FX analysts Krishna Kumar in Sydney and Rick Lloyd in Singapore; Editing by Joseph Radford)