We identify the likely optical counterpart to the LMC supersoft X-ray source RX J0527.8-6954 , and hence recover HV 2554 .
This identification is based on an analysis of \sim 4 years of optical photometry obtained serendipitously via the MACHO project .
We see a steady fading of the star of \sim 0.5 mag over the duration of the observations .
Evidence is also presented for an orbital modulation of \sim 0.05 mag semi-amplitude on a period of P = 0.39262 \pm 0.00015 d. Our optical observations are consistent with the suggestion that the X-ray decline in this system is caused by cooling after a weak shell flash .