Pagination with custom loop

<?php 
  //get the current page
  $paged = (get_query_var('paged')) ? get_query_var('paged') : 1;

  //pagination fixes prior to loop
  $temp =  $query;
  $query = null;

  //custom loop using WP_Query
  $query = new WP_Query( array( 
    'post_status' => 'publish',
    'orderby' => 'date',
    'order' => 'ASC' 
  ) ); 

 //set our query's pagination to $paged
 $query -> query('post_type=post&posts_per_page=5'.'&paged='.$paged);

 if ( $query->have_posts() ) : 
   while ( $query->have_posts() ) : $query->the_post();
    ?>
      <li>
        <?php if ( has_post_thumbnail()) : ?>
          <?php the_post_thumbnail();?>
        <?php endif; ?>
        <div class="someclass" >
            <h2><?php the_title(); ?></h2> 
            <?php the_content(); ?>
        </div> 
      </li>
  <?php endwhile;?>

  <?php //pass in the max_num_pages, which is total pages ?>
  <div class="pagenav">
    <div class="alignleft"><?php previous_posts_link('Previous', $query->max_num_pages) ?></div>
    <div class="alignright"><?php next_posts_link('Next', $query->max_num_pages) ?></div>
  </div>

<?php endif; ?>

<?php //reset the following that was set above prior to loop
$query = null; $query = $temp; ?>