Level 60 Resistances vs level 63 Mobs?

Items and Crafting
Dearest Blizzard,
I was hoping maybe you or some wiser player than myself could answer a question. According to your statistics readout on the modifications to enemies under Monster Power, at MP1, each monster by default becomes level 63. (unless I misread that, in which case please disgregard the rest of this).
However, according to my character details page, my resistances are "<ELEMENT> Resistance = 722, which offers 70.xx% resistance against LEVEL 60 ENEMIES". So, do resistances not count at monster power >0? or is it no coincidence that at MP4 I'm taking 5k poison damage from a woodwraith per hit with 72% redux?

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