Resolvent analysis is a powerful tool for modelling and analysing transitional and turbulent flows and, in particular, for approximating coherent flow structures. Despite recent algorithmic advances, computing resolvent modes for flows with more than one inhomogeneous spatial coordinate remains computationally expensive. In this paper we show how efficient and accurate approximations of resolvent modes can be obtained using a well-posed spatial marching method for flows that contain a slowly varying direction, i.e. one in which the mean flow changes gradually. First, we derive a well-posed and convergent one-way equation describing the downstream-travelling waves supported by the linearized Navier–Stokes equations. The method is based on a projection operator that isolates downstream-travelling waves. Integrating these one-way Navier–Stokes (OWNS) equations in the slowly varying direction, which requires significantly less CPU and memory resources than a direct solution of the linearized Navier–Stokes equations, approximates the action of the resolvent operator on a forcing vector. Second, this capability is leveraged to compute approximate resolvent modes using an adjoint-based optimization framework in which the forward and adjoint OWNS equations are marched in the downstream and upstream directions, respectively. This avoids the need to solve direct and adjoint globally discretized equations, therefore bypassing the main computational bottleneck of a typical global resolvent calculation. The method is demonstrated using the examples of a simple acoustics problem, a Mach 1.5 turbulent jet and a Mach 4.5 transitional zero-pressure-gradient flat-plate boundary layer. The optimal OWNS results are validated against corresponding global calculations, and the close agreement demonstrates the near-parabolic nature of these flows.