A Signcryption proposed by Yuliang Zheng in 1997 is a hybrid public key primitive that combines a digital signature and a encryption. It provides more efficient method than a straightforward composition of an signature scheme with a encryption scheme. In a mobile communication environment, the authenticated key agreement protocol should be designed to have lower computational complexity and memory requirements. The password-based authenticated key exchange protocol is to authenticate a client and a server using an easily memorable password. This paper proposes an secure Authenticated Key Exchange protocol using Signcryption scheme. In Addition we also show that it is secure and a more efficient that other exiting authenticated key exchange protocol.