AUD/USD Price Forecast: Upside towards multi-year high of 0.7220 looks possible

The AUD/USD pair trades subduedly around 0.7120 during the European trading session on Friday. The Aussie pair ticks lower as the US Dollar (USD) trades broadly firm amid higher oil prices due to the prolonged closure of the Strait of Hormuz, a critical passage to almost 20% of global energy supply.