DTM and In Code Macro

Folks,

I'm trying to make sure I'm doing the Data element macro correctly.  I'm using the following code in an image pixel request:

<img height="1" width="1" alt="" style="display:none" src="https://www.domain.com/tr?ev=XXXXXXX&cd[value]=_satellite.getVar('Order SubTotal');&cd[currency]=USD&noscript=1"/>

Most examples we have found are using the macro in JS.  So will this work for a Non-Sequential HTML?

Thanks in advance.

Stuart