Uptrend 2:

12. After the initial burst of volume to change the momentum of the pair’s movement from down to up there is a lull in volume, on a down day.
13. During the next 10 sessions, volume picks up when price does, and volume starts heading down when price decreases. We have a confirmation of the earlier market bottom. April turns out to be a good month for the strength of the dollar.
14. The highest session of volume in this time period comes on a day with tight ranges which means bears and bulls were fighting it out around an important level at 109.50. The pair heads lower on two days of smaller volume, but as price picks up so does volume.
15. There are 3 days of downward price movement on lower volume, before a big break upwards on higher volume. The pair goes a bit further up before there is a big battle over control between bears and bulls at the 114.00 level in late May. The wrestling for control is important as it comes on high volume and reflects many traders’ viewpoints that future direction is uncertain. In addition to volume, the candles show this tug of war because they open and close between a small range and the high and low wicks are rather big.
16. The bears win out here on the last day. On the same amount of volume as the previous two days the price heads downward meaning sellers have wrested control from buyers. Perhaps a new downtrend is starting, but the following two red candles come on lighter volume which makes that presumption inconclusive.

Volume can help identify new trends or it can be used to monitor the current trend if a trader is already on the right side of the price movement.