54 cm puts you in the right range but like umd says, there are no hard rules here and if you get a proper fitting should discover that there is a range of frames you can ride... for me it is 52-55 but what is most important is top tube and reach.

I'm 5'9 1/2 " and prefer a 55cm as I have a little longer leg (33) and need a little more reach but have a fg road bike that is a 52 with a 54 cm top tube which is also a very nice fit.