The orbit needs to be above the equator. Since all orbits are around the center of the Earth, if it was tipped above the equator (so that the satellite was straight above New York City, for example) it would need to swing an equal distance to the south pole on each orbit. It needs to spend an equal amount of time on each side of the equator. So if it is directly above the equator, it doesn't move north or south at all. (Geosynchronous orbits are like geostationary orbits, but also include those that go above and below the equator).