C-172 ON TRNG FLT IN FLT SCHOOL TRNG AREA HAD NMAC WITH A C-152. OTHER ACFT PLT APPARENTLY DIDN'T SEE RPTR ACFT THOUGH VERY CLOSE.

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MY STUDENT AND I WERE OPERATING ABOUT 7 NM SW OF DED AIRPORT. WE WERE PRACTICING BASIC ATTITUDE INSTRUMENT MANEUVERS WITH MY STUDENT USING FOGGLES AND FLYING FROM THE R SEAT WORKING ON CFII. PRIOR TO BEGINNING MANEUVERS WE PERFORMED CLRING TURNS; MADE A SELF-ANNOUNCEMENT ON 123.5 PRACTICE AREA FREQUENCY AND HAD ANTI-COLLISION AND LNDG LIGHT ON AND OPERATING. WE HAD JUST COMPLETED A ROLLOUT FROM A LEVEL L-HAND TURN AT A SHALLOW TO MEDIUM BANK ANGLE AND WERE DOUBLE CHKING THE MAGNETIC COMPASS TO THE DG WHEN BOTH MY STUDENT AND I NOTICED THE RELATIVE MOTION FROM L TO R AND HAD A C152 CUT DIRECTLY IN FRONT OF US AT OUR EXACT ALT. I HAD BEEN VIGILANT; BUT IN THE MOMENT I HAD LOOKED DOWN AND BACK WAS WHEN THE ACFT MOTION BECAME APPARENT AGAINST THE GND CLUTTER. BOTH MY STUDENT AND I MADE AN IMMEDIATE TURN L AND SUCCESSFULLY AVOIDED THE OTHER ACFT BY 50 FT. THE OTHER INDICATED NO SIGN OF ATTEMPTED AVOIDANCE OR ANYTHING ELSE. IT MIGHT BE HELPFUL IF AN ALERT AREA OR HIGH ACTIVITY TRAINING AREA WAS PUBLISHED ON VFR SECTIONAL CHARTS WITH PRACTICE AREA FREQUENCIES SO TRANSIENT ACFT MIGHT BE ABLE TO COMMUNICATE OR KEEP A HEADS UP. THE OTHER ACFT WAS NOT FROM OUR FLT SCHOOL SO I CANNOT SAY WHETHER THEY ARE FAMILIAR WITH OUR PRACTICE AREA OR NOT.