Olympic champions Martine Grael and Kahena Kunze from Brazil (35 points) will battle it out with the British crew of Charlotte Dobson and Saskia Tidey (38 points) for the gold.
"We have a slim chance of winning a bronze medal, which is a pretty good feeling considering the beginning of the week," Maloney said. "We probably have to win the race and hope everything aligns with other teams around us.
"We thought we sailed really well today. We tried to keep it a lot simpler and tried to have fun."
The 49er pair of Josh Porebski and Trent Rippey posted three solid results with two fifths and a ninth to remain in eighth overall in the 16-boat fleet.
The gold will come down to a tussle between two British crews and another from Poland, with the trio within six points of each other.
"We will look to attack the medal race tomorrow and make the most of the points on offer," Porebski said. "We will try to make up as much ground as we can.
"It has been an up and down regatta. We just need to ease up on a few mistakes here and there but, other than that, we are getting what we want out of the racing which is good race experience coming into the big regattas of the year."
Fellow Kiwi Sam Bullock is eighth in the IKA Formula Kite open division.
Results and standings after day 4 of the World Cup final in Santander, Spain, overnight (NZT):
49erFX (15 boats)
1st: Martine Soffiatti Grael and Kahena Kunze (BRA) 8 1 5 2 1 (16) UFD 2 2 2 3 8 1 - 35 points
2nd: Charlotte Dobson and Saskia Tidey (GBR) 1 (11) 9 3 2 1 1 1 6 4 2 8 - 38 points
3rd: Lili Sebesi and Albane Dubois (FRA) 5 2 7 4 5 3 4 4 1 (14) 5 7 - 47 points
5th: Alex Maloney and Molly Meech (NZL) (14.5) DPI 12.5 DPI 11.5 DPI 1 7 5 13 3 3 2 1 2 - 61 points
49er (16 boats)
1st: James Peters and Fynn Sterritt (GBR) (14) 2 3 2 7 4 2 3 2 6 6 4 - 41 points
2nd: Lukasz Przybytek and Pawel Kolodzinski (POL) 1 4 5 5 6 2 3 (7) 5 (91) 1 3 - 42 points
3rd: Dylan Fletcher-Scott and Stuart Bithell (GBR) (12) 9 4.6 RDG 3 1 1 1 4 6 11 4 2 - 46.6 points
8th: Josh Porebski and Trent Rippey (NZL) 3 5 (17) UFD 11 4 7 13 13 9 5 5 10 - 85 points
IKA Formula Kite (18)
8th: Sam Bullock (NZL) 6 4 1 6 4 4 3 3 4 4 (10) RET 3 8 (10) DNF (10) DNC (10) DNC 10 DNC 10 DNC 9 5 6 5 4 5 - 104 points