Is my wort too cold??

I have just made my first batch of home brew (Australian Coopers Pale Ale) and it has beeen fermenting for 3 days now. My only concern is that it is winter here in Australia and its quite cold so my beer is currently fermenting at 18 Degrees Celcius (64F) when the instuctions say its should ideally be at 21-27 deg C but will work at 18-32deg.

What effects will this low temp have on my beer? Will it be ok?

I dont really have anywhere warm to put it and all I have done is wrapped a blanket around it.

Thanks!

It should be fine. The temperature of the beer is actually going to be about 5-10 degrees higher than room temp while it's fermenting. After that, you may want to put it in a bucket filled with water. Hook up a cheap aquarium heater to the water and it'll keep it at about 70 F.

64F is on the low end, but should be perfectly fine for your beer. What type of yeast did you use? If nothing else, it may just take a little longer to completely ferment out, but it should result in a great beer. The higher you go up in temperature, the more yeast "off-flavors" develop in your finished beer. Keeping it in the lower 60's as you are right now should work out perfectly for you. Remember, RDWHAHB!

I love winter brewing because it's easier to keep the fermentation temperature in the low 60s. I prefer the cleaner taste and fewer yeast esters so 64F is perfect for most ales IMO, yes it may take a few extra days to finish but it's worth it for me. I leave it in primary for 2 weeks anyway and so far I've never made one that wasn't finished by that time.