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Uber Technologies Inc. (NYSE:UBER) announced Q4 2022 financial results before the market open on Wall Street on Wednesday. The US company posted better-than-expected results for the quarter, beating both revenue and earnings per share (EPS) forecasts. Uber reported revenue of $8.607 billion (up by 47% year-over-year or 59% in constant currency) vs. $8.513 billion estimate.

EPS reported at $0.29 per share for the quarter. Analysts were expecting a loss per share of -$0.154. It’s the first time since Q4 2021 that the company has reported higher-than-expected EPS.

CEO and CFO commentary ''We ended 2022 with our strongest quarter ever, with robust demand and record margins,'' Dara Khosrowshahi, CEO of Uber. ''Our global scale and unique platform advantages position us well to accelerate this momentum into 2023.'' "In 2022, we significantly exceeded our profitability outlook, with an incremental margin of 10%,'' Nelson Chai, CFO of the company added. ''Our outlook for a Gross Bookings and Adjusted EBITDA step up in Q1 builds on that progress, and sets us up for yet another record year." Stock reaction Share price of Uber rose by around 2% on Wednesday and was trading at around $35.91 a share – the highest level since April 2022. Stock performance 1 month: +26.77% 3 months: +35.37% Year-to-date: +45.33% 1 year: -10.57% Uber stock price targets Wedbush: $38 Needham: $54 Wolfe Research: $42 Wells Fargo: $46 Piper Sandler: $33 Truist Securities: $60 Cowen & Co.: $70 Morgan Stanley: $54 Mizuho: $46 UBS: $36 Barclays: $54 Uber is the 204 th largest company in the world with a market cap of $71.61 billion. You can trade Uber Technologies Inc. (NYSE:UBER) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.

Sources: Uber Technologies Inc., TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap

US indices were down today as Jerome Powell indicated that the Federal Reserve is going to increase interest rates at a higher and faster rate than currently in place. US equities dropped after Powell’s speech. Ultimately the major indices ended relatively flat by the close of trading.

The Nasdaq closed down 0.40% after taking a breather from its recent buying momentum. The Dow Jones was dragged down by Boeing after a 737-plane crash in the mountainous Guangxi region in China. The Boeing share price saw a 5.74% drop on the opening before recovering a little to close the day down by 3.60%.

The S&P500 was also choppy as it reacted the Jerome Powell’s speech but finished flat. The FTSE 100 showed gains as an uplift in commodities supported the index with oil spiking. This provided strength for the UK’s biggest oil companies BP and Shell with both rising by 3%.

The FTSE ended the day up 0.51% whilst the DAX was down 0.60%. Commodities Brent Crude Oil made a powerful move overnight rising 7.91% to 116.33 USD. This came as European Union officials debated whether to place sanctions on Russia's lucrative energy sector to pressure the country over its invasion of Ukraine.

An embargo on Russian oil similar to what the USA and the UK have done may have drastic implications for the EU in which 40% of its gas is imported from Russia. Natural gas prices also continue to remain in the upper end of their recent price range. Gold remains near its recent support levels ending the day at 1929 USD per ounce.

Cryptocurrency Bitcoin had a choppy day as BTC/USD ended flat overall. Ethereum was the better performer closing the day with a 1.87% rise. The ETH/USD continues to hold just below the $3000 resistance level.

FOREX The EUR/USD continued to be rejected at the $1.08 level after the speech from the Federal Reserve spurred USD strength. The AUD/USD has not been able to break through its recent highs of $0.74 as it proved a flat day for the pair after the previous day’s strong moves. The USD has continued its strong move against the JPY as it climbed another 0.27%.

The JPY has continued to struggle against most other currencies. The GBP/JPY has closed in on its recent area of support 157.00-158.00 JPY as seen below as it looks to potentially break out.

The stronger-than-expected US non-farm employment change data release last week saw the DXY climb strongly higher, beyond the 103 price level. With markets now anticipating that the US Federal Reserve could reinforce its hawkish stance, further upside is expected for the DXY. On the other hand, uncertainty rises over the Bank of Japan’s (BoJ) monetary policy stance following the surfacing of rumors that Masayoshi Amamiya was approached to succeed the current BoJ Governor, Haruhiko Kuroda.

The appointment of Amamiya as governor could likely see the BoJ continue with its ultra-easy monetary policy, ultimately leading to further weakness for the Japanese Yen. Technical Overview The recent change in sentiment of the DXY has led the USDJPY to pause on the previous downtrend, finding support at the 127.00 price area. The current retracement of price to the upside has seen the USDJPY break above the bearish trendline formed in November last year.

If this upward momentum continues and the USDJPY breaks above the 133.50 price level, which coincides with the 23.60 Fibonacci retracement level, this could signal confirmation for a bullish correction. The USDJPY could continue to trade higher, with the bullish momentum supported by the divergence in the Moving Average Convergence & Divergence (MACD), toward the target price level of 142.50 price level, formed by the 61.80% Fibonacci retracement level and previous swing high from November 2022.

Gold had been on a steady rally to the upside with the price climbing along the bullish trendline from the 1620 price level in November 2022 to reach a high of 1960 in February 2023. This move higher was driven by general market anticipation that the US Federal Reserve would pivot on its current monetary policy, slowing down or pausing future interest rate hikes sooner than expected. Fundamental Overview Last week, the US Federal Reserve, European Central Bank, and Bank of England increased their respective interest rates by 50bps.

With the central banks continuing to hike rates, and real yields rising again, gold could be viewed as a less attractive investment option. On Friday, the US non-farm employment change data was released stronger than expected at 517k (Forecast: 193k) and the US unemployment rate fell to 3.4%. This led to a significant recovery in strength for the DXY, with the price climbing to the 103 price area.

Technical Overview As the DXY strengthened, the negatively correlated Gold saw a sharp pullback, with the price trading down to the 1864.61 price level. The retracement in Gold saw it break through several key technical bullish elements, in particular, the bullish trendline from November, the 1900 round number support level, and the first Fibonacci retracement level of 23.6%, leading to the near-term technical outlook for Gold to shift from bullish to be short-term bearish. A deeper correction to the downside can be expected, as the Relative Strength Index (RSI) reversed strongly from the overbought region and through the 50.0 level.

However, the downside momentum could find support between the price range of 1800 and 1740 price range, formed by the 50% and 61.80% Fibonacci retracement levels respectively. Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets.

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The EUR has been on a run since it bottomed in September 2022. From that time, the price is up almost 15% and is currently trading at 1.0863. However, with important economic data to come out of the USA and the next interest rate decision from both the ECB and the Federal Reserve coming out in the next few days the market may find some more direction for the EUR.

A Hawkish Federal Reserve may be detrimental for a move to the upside of the EUR, whilst a Dovish response may support more growth in the EUR. In addition, with employment data to come out of the USA softer data may support a more dovish Federal reserve. In the past few days and weeks, the EUR has seen some strong momentum on the back of growth data that has seen the region avoid a recession.

Crucially, the GDP of the Eurozone grew by 0.1% which beat an expected 0.1% retraction for the quarter. A general weakening of the USD has also supported a bounce of the EUR as money has moved away from the safety of the greenback and into other assets. Technical Analysis In terms of the long-term analysis, the price has mostly ranged between 1.04 and 1.25 except when the price bottomed last year.

The price is currently showing some weakness and has so far been unable to break through 1.09 and has sold down on candlesticks that are testing the 1.09 level. Therefore, it would not be surprising to see the price retrace to the previous support level at 1.06 before another move to the upside. On the daily price chart, the price is showing a strong upward channel/trend.

This channel shows how the bottom of the channel fall along an important area of market structure. This zone acts as the 50-day moving average, the recent support level and the bottom of the channel. This bolsters this region as a zone for ana entry should the price retrace.

With a target of 1.12 this represents a risk reward of 2.5. Ultimately the trend of the EUR will most likely be dictated by the movements of the Federal reserve and the ECB. However, should the macroeconomic factors permit, the EUR could very well continue its run.

US Dollar Fundamental Analysis Recent data indicated that the U.S. economy grew strongly in the fourth quarter which has boosted the Dollar against the Euro. This has supported the Federal Reserve's hawkish stance in spite of reports that US consumer spending has fallen, and inflation has cooled. According to the Commerce Department, the Consumer Price Index (CPI), the Federal Reserve's preferred inflation measure, increased 0.1% in November after a similar gain the month before.

With traders eagerly awaiting the Federal Reserve's guidance for interest rate rises, the Dollar firmed on Monday and distanced itself from an eight-month trough. Despite last week's eight-month low of 101.50, the U.S. dollar index rose 0.03% to 101.92. US Dollar Index Technical Analysis The Dollar Index is currently testing a major support area taken from the weekly time frame, around $101.55.

It has been consolidating and testing the area for almost 10 days, strongly suggesting that bulls are starting to take back control of the market after a steady decline of roughly -4% in the last 4 weeks. In alignment with the weekly analysis, on the daily timeframe, a trend line from the lower lows can be drawn, and from the chart below, the price has recently reached the bottom of the trend line. The price has consolidated for a number of days at the weekly support level mentioned earlier.

The Dollar may potentially climb towards the resistance level at $104, if it remains above and respects the bottom of the channel.