Microfibre cloths are not actually the best things to apply polish and waxes. Dense but soft foam pads are the best thing.
However Microfibre cloths are great for buffing off what ever product you have on the paint. However as said above, don't physically use the same cloth to both remove an application of polish and wax. Use a separate Microfibre cloth for each different product. In fact to do it properly you'll even need more than one cloth just to do the one step.