The RCWL-0516 is a motion detector, and it generally works only indoors, as it detects changes in the nearby standing wave interference pattern. With some clever tricks, you might be able to estimate velocity.
This blog post investigates the behavior in detail, and it plus the discussion explains a lot about how the sensor works:
True radar distance sensors are pretty cheap these days, for example there are inexpensive modules for bicycles. If you can measure distance, you can measure relative velocity from the change in distance.
Are there any modules for Arduino that I could buy that can "track" an objects movement and positive relative to the module. Like it could detect if the object is moving left or right and adjust accordingly to keep the object in its sight?
I know this might be a tad complicated but I tried this with an ultrasonic sensor and was able to stop the servo at the object, but unable to tell if it was moving in the X direction.