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Illustrate random walk model for exchange rate forecasting

Illustrate the random walk model for exchange rate forecasting. Can it be reliable along with the technical analysis?

The random walk model specified that the current exchange rate will be the best predictor of the future exchange rate. An implication of the model is that history of the exchange rate is of no value in predicting future exchange rate. Thus the model is inconsistent with the technical analysis which tries to utilize past history in predicting the future exchange rate.

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